The color is saturation. Turning those from default 50 to 3 just makes colors wishy-washy, not solid.
Sharpness is as it says, it's the cleanliness of outlines, edges etc.
Contrast is the difference to gray, turning that down makes blacks and whites less vibrant and more grayish.
Brightness is the amount of light being pushed at you, so low brightness is appropriate for dark rooms, higher brightness for well lit rooms.
Turning those to minimums can create eyestrain as your eyes struggle to see differences, forcing you to squint etc. Most eyestrain comes from 2 sources, photo-phospherant lighting and blue-light. (UV)
Phospherant lights work at @ 60Hz. It's a pulse not a clean, solid light like incandescent bulbs. When mixed with a 60Hz output your brain registers the flickers, even if you can't physically see it. This can lead to instant headaches and eyestrain. The cure is change the monitor output to something different to 60Hz, 75Hz is common.
Blue light is UV, and the cure for that is sunglasses or blue light filtered pc glasses.
165Hz monitor is a maximum, not a constant. The constant is what's supplied to the monitor, which will be 60Hz for windows.
You make things worse by chopping the settings too far down.